Things have been happening so suddenly. It was a while before I realized I am almost stuck in a trap (or at least to me it seemed to be so). I am not much of a savings person. I use my credit card a lot.
The only saving grace seems to be that I have taken no loans and I have no liability.
Otherwise I’d be stuck in a debt trap. With no way to know how to get myself out of it. Let’s just say that I am one of the “lucky” ones. What about those who are not so lucky? What can they do when in a debt trap?
One option is to go to a financial advisor or consultant. But, they can be expensive.
The better solution is to approach a credit counseling center. There are several credit counseling centers in cities across India.
Some banks also have own credit counseling centers too, such as the Bank of India-sponsored Abhay, at Dadar in Mumbai. This agency, the first of its kind, also has centers in Gumla (Jharkhand), Wardha, and Chennai.
ICICI Bank’s credit counseling centre, Disha has centers at Ahmedabad, Hyderabad, Vijayawada, Kanpur, Delhi, Chennai, and Kolkata.
These centers will help you chart out a plan to repay your debts. You can swap your high cost borrowings for low cost debt. Interest rates may be bought down to as low as 18 per cent for levels such as 36 per cent in some cases.
These centers can also help you restructure the loan portfolios and formulate repayment plans. They may also help borrowers negotiate with banks for restructuring debts.
Here are the addresses:
- Abhay (Bank of India), 61 A, Sadanand, 1st Floor, Above Bank of India Branch, Gokhale Road (north), Dadar (West), Mumbai- 4000 028. Call 022-24221843.
- Disha (ICICI Bank), Prince Apartments, Ground Floor, Karani Lane, Ghatkopar (West), Mumbai 4000 028. Call 65971815/86/87. Visit www.dishfc.org
- Union Mitra (Union Bank of India), Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai- 400021. Call 022-22896502.
November 18th, 2008 at 1:13 pm
This piece would show a ray of hope to many people who are under a debt trap and see no ways to clear the debts. Fantastic job done by the author.
November 18th, 2008 at 1:21 pm
This piece is of high value. I would advise not to restrict this piece of information only to the blog. Kindly put it also on your website or publicize in news papers wherever you can. Believe me a lot of people are in a debt trap today. This information would really change their life and this would also help them(people in debt) to live a debt free life.
November 18th, 2008 at 4:47 pm
Very important information shared, it can really bring smiles back on faces of many people. great work
November 18th, 2008 at 4:50 pm
This is real good you have shared an information which would be useful for many people especially after the market crash. doing a good job keep it up
November 19th, 2008 at 8:07 pm
This is quiet an exiting piece of information. I have been a regular reader to blog but the various subjects covered on finance on this site are really great.
December 17th, 2008 at 5:26 pm
Brilliant piece of work i must say…this is a silver lining on a dark cloud…debt is like a vicious circle…people don’t realize before using a credit card and only know about the repercussions after they are entrapped. The author has done a magnificent job.
December 17th, 2008 at 5:30 pm
One always learns form experience…great stuff afterall…would help the desperate debtors.
December 18th, 2008 at 4:11 pm
This is so true my friend…believe me i was stuck in the same viscious circle and these credit counselor extricated me from the trap…those who are entrapped should seek their help.
December 18th, 2008 at 4:13 pm
This is indeed a eye opener…I am glad i stumbled on this write-up…you have saved me…i have been paying interest on my credit card for years now and still its not coming to an end…now i can heave a sigh of relief.
December 18th, 2008 at 4:14 pm
How sure are you about the credit counselor…what if i need one from the bank i default?
December 18th, 2008 at 5:02 pm
This is something i was desperately looking for…i am glad i blog…great going mate!!!!